Sterling Resources Raises $37.5 Mln for Breagh Project in UK

Canadian listed international oil and gas company Sterling Resources Ltd. has closed the first tranche of the private placement  portion of its previously announced offering of 73,333,334 common shares in the capital of the Company on a bought deal basis (the “Offering”).

Pursuant to the First Tranche, 50,000,000 Common Shares were issued at a price of $0.75 per Common Share, for gross proceeds of $37,500,000.

The First Tranche was underwritten by Casimir Capital Ltd. (“Casimir”). The Common Shares were issued pursuant to applicable exemptions from prospectus requirements and have a hold period expiring July 5, 2013, pursuant to applicable securities laws.

Sterling will use the net proceeds from the Offering for Breagh Phase 1 development costs in the UK sector of the North Sea, and costs relating to the Breagh senior secured loan facility, repayment of the US$12 million loan entered into on December 31, 2012 with an affiliate of The Vitol Group (“Vitol”), certain exploration, appraisal and pre-development expenditures and other corporate purposes.

The Breagh field is a gas field located in UKCS block 42/13 of the Southern North Sea (SNS). It lies 50km to the north east of the UK coast and 200km to the west of the median line between the UK and Dutch sectors.

Offshore Energy Today Staff,  March 5, 2013

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply